Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The NCLAT dismissed an appeal against admission of a Section 7 application filed by SBI for a default of 1049.72 Crore. The Tribunal found that debt and default were established facts, with the corporate debtor's accounts declared NPA on 26.07.2017 and a loan recall notice issued on 11.01.2019 demanding payment of 2078.04 Crore from consortium lenders. Despite multiple opportunities and interim orders that delayed the CIRP, the appellant failed to produce any accepted one-time settlement proposal. The Tribunal concluded that the corporate debtor was demonstrably unable to clear its debt, making this an appropriate case for insolvency proceedings to continue. The appellant's dilatory tactics and failure to reach settlement justified dismissal of the appeal.
The NCLAT dismissed an appeal against admission of a Section 7 application filed by SBI for a default of 1049.72 Crore. The Tribunal found that debt and default were established facts, with the corporate debtor's accounts declared NPA on 26.07.2017 and a loan recall notice issued on 11.01.2019 demanding payment of 2078.04 Crore from consortium lenders. Despite multiple opportunities and interim orders that delayed the CIRP, the appellant failed to produce any accepted one-time settlement proposal. The Tribunal concluded that the corporate debtor was demonstrably unable to clear its debt, making this an appropriate case for insolvency proceedings to continue. The appellant's dilatory tactics and failure to reach settlement justified dismissal of the appeal.
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TaxTMI 
TaxTMI 
of 4915 
